American Express Plans Footprint in Metaverse and NFT Sectors, Files for Trademarks

A total of seven trademark applications have been filed by the American Express dated March 9.

By Radhika Parashar | Updated: 16 March 2022 16:12 IST

American Express Plans Footprint in Metaverse and NFT Sectors, Files for Trademarks

Photo Credit: Facebook/ American Express

American Express was founded in March 1850 and is now set to evolve with Web 3

Highlights

American Express has filed seven trademarks
Screenshots of the trademarks have emerged online
American Express plans to bring NFT marketplace as well

American Express is ramping up the documentation that would soon bring it onto the metaverse map. Among world's top payments processor, American Express has reportedly filed for seven trademark applications surrounding its foray into the virtual universe and non-fungible tokens (NFT) sectors. Its famous Centurion logo has also been specified in the filings, indicating that it could also get a virtual ‘avatar'. This is American Express' step towards exploring Web 3 opportunities -- the so called next phase of the Internet.

The trademark application from the New York City-headquartered company is dated March 9.

While the payment cards provider is yet to announce its metaverse and NFT plans, screenshots of its trademark filings have emerged on Twitter.

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“Downloadable computer e-commerce software to allow users to perform electronic business transactions in the metaverse and other virtual worlds; digital media, namely, NFTs, featuring textual and graphic content,” the screenshots shared by Mike Kondoudis, an American trademark attorney disclosed.

AMERICAN EXPRESS has filed 7 trademark applications for its logos and
:arrow_forward:AMERICAN EXPRESS
:arrow_forward:AMEX
:arrow_forward:CENTURION
:arrow_forward:SHOP SMALL
:arrow_forward:MEMBERSHIP REWARDS

Indicating plans to offer
:white_check_mark:NFT backed multimedia
:white_check_mark:Cryptocurrency services
:white_check_mark:Virtual banking + exchange services#NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH
— Mike Kondoudis (@KondoudisLaw) March 15, 2022

The 1850-founded fintech company is also planning to provide an online marketplace “for buyers and sellers of digital media, namely, non-fungible tokens (NFTs) featuring textual and graphic content”.

Software for credit cards, travel, concierge services, as well as a virtual environment for recreation and entertainment are also on the list of American Express' metaverse plans, a Decrypt report said.

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In the past few days, several notable names from the international finance industry, have begun making their marks on the Web 3 space.

Visa, JP Morgan, and Mastercard have, for instance, marked their presence in the crypto and metaverse zones.

Over the last 60 years, Visa has built a collection of historic commerce artifacts - from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu
— VisaNews (@VisaNews) August 23, 2021

.@jpmorgan launched a #metaverse lounge inside #Decentraland!#NFT
v/@OutformInt & @segundoatdell @sebbourguignon @enilev @AshokNellikar @CurieuxExplorer @JeroenBartelse @FrRonconi @NevilleGaunt @PawlowskiMario @AlbertoEMachado @mvollmer1 @TheAdityaPatro pic.twitter.com/BrbFT76a3F
— Olivier Laborde #StandWithUkraine:flag-ua::flag-eu: (@labordeolivier) February 21, 2022

Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.

The NFT belt is not behind. Last year, NFT sales reached some $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

It could be a while before American Express gets the required approvals to step into Web 3. The average time for the US Patent and Trademark Office to review an application is about nine-and-a-half months, a report by CoinTelegraph said.

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Further reading: American Express, NFT, Non Fungible Tokens, Metaverse, Visa, Mastercard, JP Morgan, Web3

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More